Popular focused on providing tools and solutions to its business clients
November 25, 2020
[EDITOR’S NOTE: This post is an advertorial sponsored by Banco Popular de Puerto Rico.] In recent months, many companies and businesses have had to adapt their ways of working and sometimes reinvent themselves. Aware of the impact left by the COVID-19 pandemic, Popular continues its efforts to make life easier for business customers through the […]
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ATM services provider CheckAlt builds on partnership with Banco Popular
November 23, 2020
CheckAlt, an independent provider of item and payment processing services in the U.S., and Banco Popular Puerto Rico, have extended and expanded their partnership to better serve the bank’s ATM users and create operational efficiencies with ATM reconciliation services. “We’re delighted to deepen our great relationship with BPPR and provide additional value for processing and […]
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Oriental starts integrating former Scotiabank customers today
November 6, 2020
Financial institution Oriental announced that starting at noon today, it will begin its integration of the former Scotiabank platform. The process will take place over the weekend and will be completed at 8:30 a.m. Monday, bank officials said. To achieve the migration, former Scotiabank branches will be closed Saturday and Sunday, it was further announced. […]
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First BanCorp moving forward on integrating Santander operations in Puerto Rico
November 2, 2020
In the 45 days since it completed its acquisition of Banco Santander de Puerto Rico’s assets, First BanCorp has made strides in the integration of both operations, having already completed the conversion of the mortgage business, the insurance agency, and several administrative duties. The plan is to complete the integration process by the end of […]
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Popular Inc. reports $168.4M in 3Q20 net income; Closing 11 NY branches
October 29, 2020
Popular Inc. reported net income of $168.4 million for the quarter ended Sept. 30, 2020, up from net income of $127.6 million for the quarter ended June 30, 2020, but flat when compared to the $164.3 million reported during the third quarter in 2019. “We generated $168.4 million in earnings in the third quarter, reflecting […]
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Oriental CEO: Puerto Rico seeing ‘beginnings of an economic rebound’
October 26, 2020
Puerto Rico is starting to see the “beginnings of an economic rebound,” as the effects of the influx of federal economic aid and the possibility of the return of pharmaceutical companies are putting the island in a better position heading forward. That optimism is there for José Rafael Fernández, CEO of OFG Bancorp, the financial […]
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Oriental opens website for PPP loan forgiveness application process
October 21, 2020
Puerto Rican financial institution Oriental announced this week it will open a website for clients who received a loan through the U.S. Small Business Administration’s Payroll Protection Program to request forgiveness of all or part of their loan. The client must comply with the guidelines from the U.S. Department of the Treasury and the SBA. “As with […]
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Puerto Rico credit unions grow 9.5% from March to June
October 2, 2020
Puerto Rico’s credit union reported a 9.5% growth in assets between March and June, at the peak of the COVID-19 pandemic, drawing 10,000 new members and retaining some 3,000 employees, Eddie Alicea-Sáez, president of the Credit Union Executives Association confirmed. The association known as ASEC in Spanish stated that participating credit unions accrued an additional […]
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U.S. Treasury assigns $6M to 32 Puerto Rico-based credit unions
September 25, 2020
A group of 32 credit unions in Puerto Rico received about $6 million in assignments from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to expand their services to economically disadvantaged communities. The allocation constitutes the largest amount granted by the U.S. Treasury to co-ops in Puerto Rico, reaching $10 million […]
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First BanCorp. closes acquisition of Santander BanCorp Puerto Rico
September 2, 2020
Nearly a year after announcing its plans, First BanCorp. announced the completion of its acquisition of Santander BanCorp in Puerto Rico. In connection with the acquisition, Santander BanCorp and Banco Santander will be merged into FirstBank, with FirstBank being the surviving entity, officials said. In July, First BanCorp. got the regulatory go-ahead to complete its […]
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PenFed Credit Union opens $1.9M branch in Ponce
September 1, 2020
PenFed Credit Union announced the opening of its new financial center at Plaza Del Caribe Mall in Ponce, after a $1.9 million investment. The new 4,500-square-foot financial center creates 11 jobs in the Ponce community and provides “tens of thousands of residents in south-central Puerto Rico access to some of the best checking, savings, certificate and loan […]
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Sagrada Familia credit union invests $9M in new Naranjito branch, tech upgrade
August 4, 2020
As part of a comprehensive infrastructure and technology investment plan that exceeded $9 million, the Sagrada Familia credit union inaugurated a new branch in Naranjito, which also houses its first mortgage center in the mountain region. The recently inaugurated building represents the completion of a modernization period the cooperative began several years ago, which included […]
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First BanCorp. reports $21.3M in 2Q20 net income; $41M for 1H20
July 29, 2020
First BanCorp., parent company of FirstBank Puerto Rico, announced results for the second quarter and six months ended June 30, reporting net income of $21.3 million and $41.2 million for the periods, respectively. The second quarter result reflects a growth from the $2.2 million reported for the three-month period ended March 30, and a 48% […]
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First BanCorp. gets regulatory go-ahead to buy Banco Santander Puerto Rico
July 28, 2020
First BanCorp., the parent company for FirstBank Puerto Rico, announced it has received the requisite regulatory approvals local and federal banking regulatory agencies to wrap up its acquisition of the Puerto Rico operations of Banco Santander Puerto Rico. First BanCorp. got the go-ahead from the Board of Governors of the Federal Reserve System, Federal Deposit […]
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Oriental reports $20.2M in net income for 2Q20, capitalizes on tech during pandemic
July 27, 2020
OFG Bancorp, the parent company of Oriental bank, reported net income available to common shareholders totaled $20.2 million or $0.39 per share fully diluted, for the second quarter ended June 30. As other banks did, Oriental “faced a number of Covid-19 pandemic related challenges during the second quarter, but acting promptly and with foresight, we […]
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